Irish oil and gas firm Petroceltic said it would postpone its listing on the London and Irish stock exchanges until after it completes a second-farm out agreement for its Isarene permit in Algeria.
The company, currently listed on the London Stock Exchange’s Alternative Investment Market (AIM), said it was close to reaching a binding agreement with a second farm-in partner for divesting a further 18.37% interest in the permit.
The Algerian licence contains the Ain Tsila gas and condensate field.
The Dublin-headquartered company said in a statement: “The (farm-out) process is substantially complete, but is still subject to partner and regulatory approvals which could take several months.”
Chief executive Brian O’Cathain, said: “The second Ain Tsila farm-out is a major commercial milestone for Petroceltic. The company’s decision to give it priority over the listing at this time is a prudent measure to help ensure the farm-out moves forward smoothly in the months ahead.
“We are still fully committed to the listing.”
